Final answer:
The second step in developing a broker's company policies and procedures manual is to review the various agency relationships, which will help inform the policies guiding agents in their client interactions.
Step-by-step explanation:
The second step in developing a broker's company policies and procedures manual is to review the various agency relationships. After establishing the need for a manual and understanding its purpose, it is critical for a broker to examine different types of agency relationships such as seller's agent, buyer's agent, dual agency, etc., and how each of these relationships function within the scope of the business. This understanding will guide the development of policies that are compliant with legal standards and that provide clear guidance to the broker's agents on how to manage these relationships in their day-to-day interactions with clients.